Binance Hack Leaves 233M XRP in an Unfreezable Wallet
Arkham says the first roughly $300 million in XRP linked to the reported Binance hack was sent to a newly created wallet on October 29. XRP Ledger records show five transfers totaling 233.46 million XRP; the wallet had not sent any funds as of October 30. At an indicated price of $1.25, the balance was worth about $292 million—around 7.6% of reported 24-hour XRP trading volume. Unlike some stablecoins, XRP cannot be frozen by a token issuer, leaving the funds potentially movable by the wallet’s controller.
The article says the broader theft involved about $6.36 billion across multiple chains, though the XRP wallet is not included in Arkham’s tracked hacker entity. XRP dropped to $1.2002 during the incident before recovering to about $1.25. It remained below its 50-day and 200-day exponential moving averages. Traders are watching the wallet for any movement: a large transfer to exchanges could add selling pressure, while continued inactivity may limit the direct impact.
Bearish
The reported stolen balance creates a near-term bearish overhang for XRP. At about 233.46 million XRP, the wallet holds a quantity equivalent to roughly 7.6% of the article’s stated 24-hour trading volume. If the funds move to exchanges or are sold through liquidity venues, traders may price in additional supply and react with stop-loss selling. The wallet’s inactivity and the article’s account that XRP cannot be frozen reduce the certainty of an immediate sale, but leave an unresolved risk that can amplify volatility.
The broader market reaction described was mixed: XRP fell during the incident but recovered more than several other listed assets by the following morning. That rebound suggests traders had not yet seen evidence of XRP liquidation, rather than confirming that the risk had disappeared. Technically, XRP was already trading below its 50-day and 200-day EMAs, and the article identifies $1.2002 as near-term support. A break below that level, especially alongside wallet activity, could intensify selling; a sustained hold with no outflows could ease immediate pressure. As with past exchange-hack events, initial uncertainty often drives volatility, while the longer-term effect depends on whether stolen assets are moved, recovered, or sold. This assessment reflects the article’s claims and does not establish the reported theft independently.